2015 Form 940 Has Been Released by IRS

​Remember that all employers are responsible for filing taxes and making deposits and payments, even if you have an arrangement with a third party to administer these tasks.  If the third party fails to submit any required filing, deposits or payments, the employer is still responsible.

The FUTA tax rate remains at 6.0%.

As of November 2015, three states and one territory face FUTA Credit Reduction for 2015: 

                California – 1.5%

                Connecticut – 2.7%

                Ohio – 1.5%

                Virgin Islands – 1.5%

Use Form 8822-B to notify the IRS of a business address change, and notify the IRS immediately if your business name, address or responsible party changes.

Federal tax deposits (including FUTA taxes) must be made by electronic funds transfers or EFTPS.  EFTPS is a free service provided by the Department of Treasury.  If you have a balance due for FUTA taxes on Form 940 line 14, you may pay with a debit or credit card.

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